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Change Financial Year
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Administration - Change Financial Year
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Change Financial Year menu provides the facility to switch to a new financial year or to view/modify records of any previous financial year. This utility is helpful for an existing company at the beginning of a new financial year. For example, generally in India the accounting year is from 1st April to 31st March. Now on 1st April of every year, a company needs to carry forward its accounts and other balances to the new financial year. For this purpose company can use the Change Financial Year menu. With this menu option, all the accounts of the previous year are retained separately and the balances are carried forward to the new financial year.
To change financial year, click Administration - Change Financial Year menu. If you are changing a financial year for the first time then on clicking Change Financial Year option, only one option of New Financial Year From 01-04-2022 appears. Given here is a screenshot of Change Financial Year menu if you change financial year for the first time.
If you have already used this menu option to change a financial year then on clicking Change Financial Year option, different options will be available for either switching back to a previous year record or switching to a new financial year. Given here is a screenshot displaying different options of Change Financial Year menu if you have previously used this option.
The different options of Change Financial Year menu are:
·F.Y Year From - 01-04-2022 [F11]
·New Year From - 01-04-2022
Let us discuss these options in detail.
F.Y. Year From - 01-04-2022
Select this option if you want to view or modify records of any previous financial year. The need for this option can be explained with the help of an example. Smart Clothing, a garment manufacturing company, has switched to a new financial Year (1-04-2022) on 1st April. Later on the company discovers that there was some discrepancy in Balance Sheet record for previous year and it wants to correct the records. Now the company can use F.Y Year From 01-04-2021 option to switch back to the previous year and correct the records as per the requirement.
In the message box there are two options. The options are:
·On clicking this option, a Change F.Y message box appears asking for your confirmation to change the financial Year. Click the Yes button if you want to switch to the previous financial year otherwise click the No button.
If you switch to any previous financial year and make changes then when
you switch back to the current financial year, then a Carry Balances message box appears asking for your confirmation to carry forward the balances of the previous year to the new year. If you click the Yes button in the Carry Balances message box then again a Carry Balances message box appear. Given here is a screenshot of Carry Balances message box.
·Carry Item's full details (Description, Price, HSN Codes etc.) to next year - Enable this option if you want to carry forward Item's full details such as prices, description etc. to next year. This option is available for Super User only.
New Year From - 01-04-2022
Select this option if you want to switch to a new financial year.
·On clicking this option a Create New F.Y. message box appears asking for your confirmation to switch to a new financial year.
·Click the Ok button to switch to a new financial year.
·On clicking the Ok button, a Change Financial Year window appears displaying different actions that will be done at the time of changing a financial year. Given here is a screenshot of Change Financial Year window
oMoved/Closing Bal. - Select this option if you want to carry those Party masters for which any transaction has been taken place during the year or are having some closing balance.
Click Start button to start the process of switching to next financial year. On clicking the Start button, a message box appears specifying which Account and Item details will be updated.
Click Yes button to continue carrying static information of Account and Item Master.
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